Crypto Finance to Support IOTA Chrysalis Upgrade

The Crypto Finance Group has announced that it will support the upcoming IOTA upgrade. Following its involvement in the planning and development of the upgrade

The Crypto Finance Group announced that it would be supporting the latest IOTA upgrade, following its involvement in the development of Chrysalis.

Currently, the Crypto Finance Group offers access to the IOTA ecosystem by providing storage solutions to financial institutions and intermediaries, making the company the first professional IOTA token storage provider worldwide.

The company has already upgraded its infrastructure to Chrysalis, which will see the IOTA protocol benefit through major improvements in performance, stability, security, and reliability.

What does Chrysalis offer

As one of the most extensive upgrades to the IOTA protocol, Chrysalis sees upgrades to a multitude of areas within the network offering. The upgrade will allow IOTA to develop towards building smart contracts and offering tokenization in the future.

Essentially the upgrade will allow IOTA to develop its applications such as automated market makers (AMM), decentralized finance (DeFi) platforms, oracles, and smart contract-based start-ups.

IOTA continues to push towards creating its own ecosystem that will allow for permissionless and scalable distributed ledger technology.

The network is looking to build an easier method of mass adoption on the protocol, with a key feature including feeless transactions. Security and decentralization remain important to the project, as it looks to build unprecedented scalability moving forward.

IOTA launched in June 2017, and has been building and developing its network ever since. The project is looking to solve major issues other blockchain face. Such as transaction fees, scalability issues, and high energy consumption. 

At the time of writing, IOTA price was $1.99, with a total market capitalization of $5.5 billion.